JD.com is the second-largest e-commerce company with self-built fulfilment capacity in China.
We are revising our fair value estimate for JD.com up to $26 per ADR from $24.50 after the company reported solid third-quarter results and the possible spin-off of a riskier business in JD Finance. Meanwhile, we retain our no-moat and high uncertainty ratings for this company, owing to the ongoing severe competition in the e-commerce sector. The top line increased by 38% year on year, slightly ahead of our estimates and Street consensus, and the company expects accelerated growth in the fourth ...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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